(EIA) reported that domestic crude supplies fell by 7.3 million barrels OPEC cut production by 800,000 bpd non-OPEC producers cut 400,000 bpd weaker U.S. Dollar doji on weekly rigs drilling for oil fell by 10 to 877 Libya 315,000 barrel-a-day field shut down Canada cut...etc etc and what is the effect, oil is going down again, so just keep selling

Ignored

It initial went up (on the news) but remember the production cut will be active in 2019 so for the time being from a supply and demand perspective more supply is lower price

I bought WTI right before but this time it's CFD instead of Futures. Current price is $52 and when it goes down to $42, my DD will be -1000 USD, when it goes down to $32, DD will be -2000 USD. I will buy back more every 10$ levels when the price goes down. (I hope the price goes down further actually.) It's easy and almost guaranteed winning game. I don't know the upper limit but I do know the lower limit (zero$, which is impossible due to production cost). This is my advantage. The key is low leverage and patience....

I bought WTI right before but this time it's CFD instead of Futures. Current price is $52 and when it goes down to $42, my DD will be -1000 USD, when it goes down to $32, DD will be -2000 USD. I will buy back more every 10$ levels when the price goes down. (I hope the price goes down further actually.) It's easy and almost guaranteed winning game. I don't know the upper limit but I do know the lower limit (zero$, which is impossible due to production cost). This is my advantage. The key is low leverage and patience....

Saudi Oil Min. Al-Falih: Current oil price is not linked to fundamentals

Saudi oil minister Khalid Al-Falih was out with some comments in the last hour, saying that the current oil price is not linked to fundamentals and what happened to oil market was political, macroeconomic and speculative trading.Additional quotes:
• Says that inventories are drawing down by the end of Q1 2019.
• Says all OPEC countries are committed to cuts of 3%.
• Says that non-OPEC have committed to cuts of 2%, including Russia.
• Says that there is a lot of speculative money affecting energy prices.
• Says will achieve a balance between supply and demand next year.
• Says that OPEC+ decision is very balanced, measured and very strong.
• Inventories have already started to go down in the last few weeks.

The path of least resistance is lower for oil and yesterday's semi dovish hike has left the door open for at least two interest rate hikes in 2019 instead of potentially none at all, of which the street was positioning for. However, the toxic cocktail of downside revisions to GDP 2018/19 as well as continued rate hikes is a hard pill to swallow for the oil market. On the flip side
On the other hand, it appears that Saudi Arabi is looking to reduce its output by about 322,000 barrels a day from October, instead of the 250,000 barrels a day announced at the OPEC meeting earlier this month, according to the WSJ. Additionally, the Energy Information Administration reported Wednesday that domestic crude supplies fell by 500,000 barrels for the week ending Dec. 14. However, that was less than the decline than the 3 million barrel-fall expected by an S&P Global Platts survey of analysts.WTI levels
The price is on the verge of breaching the 2016 uptrend's 61.8% fibo located at $45.45. RSI is now oversold on the weekly charts, although that is not to say the price cannot fall further before a correction might be due. However, there is some slight bullish divergence on the daily RSI to price action and more so on the 4hr outlook which could result in a bid in oil at this juncture before S2 at 45.45. MACD is also looking to turn up. On the flipside, bulls need to get back above 51.30, as the 50% level of the same range.

KUWAIT (Reuters) - If the agreed 1.2 million-barrel cut in oil production is not enough, OPEC and non-OPEC producers will hold an extraordinary meeting and do what is necessary to balance the market, the United Arab Emirate's energy minister said on Sunday.